Discuss and provide reasons for your answer.

1. a) In your opinion, do you think the Auditors of the Commonwealth Bank (EY) were
   negligent by not planning the audit properly and not familiarizing themselves
   adequately with the business and legal environment of the Commonwealth Bank?
   Discuss and provide reasons for your answer.
   b) Do you think the Internal controls at the Commonwealth Bank were adequate
   if the system was unable to uncover and/or detect 57,000 counts of money laundering
   transactions? Did the auditors (EY) reviewed and assessed the Control Risk
   adequately? Discuss and provide reasons for your answer/s.
2. Did the shareholders of Commonwealth Bank (Bank) suffer any losses as a result of
   the money laundering allegations against the Commonwealth Bank? If the
   shareholders did suffer any losses, will they be able to institute a legal action against
   the Bank and/or the auditors (EY)? Did the shareholders of Commonwealth Bank
   subsequently institute an action against any parties as a result of the losses which they
   have suffered? Discuss and provide reasons for your answer/s.
3. In your opinion, did EY produce an appropriate auditors’ report for the year ending
   June 2018 in light of the above allegation? If not, why not? Discuss and provide
   reasons for your answer.
4. Present an argument of why a similar event is not likely to happen again. Your
   discussion should make specific references to how regulations (by ASIC and/or APRA)
   and auditing standards have changed since the issues were raised by the Banking
   Royal commission in Australia also stressing the importance of adequate audit
   planning and the audit risk model.

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